RIYADH: Saudi Arabia and Tajikistan have signed a memorandum of understanding to accelerate non-oil exports and knowledge sharing.
According to the Kingdom’s press agency, the MoU was signed by the Saudi Export Development Authority and the Export Agency of Tajikistan on the sidelines of an event which agreed to establish a bilateral business council between the countries.
That agreement was reached by the Federation of Saudi Chambers and the Chamber of Commerce and Industry in Tajikistan, and will see the promotion of trade and investment relations.
Bolstering non-oil exports and promoting trade between nations is a crucial goal outlined in Saudi Arabia’s Vision 2030 agenda, as the Kingdom is on an economic diversification journey by reducing its dependence on crude revenues.
The Saudi-Tajik Business Council is expected to serve as a platform for private sector communities in the Kingdom and Tajikistan to network, showcase their activities, and foster commercial partnerships.
The council will also work to open new areas for economic collaboration, facilitate continuous interaction between the private sectors of both countries, and exchange information on market opportunities.
During the ongoing 28th edition of the World Investment Conference in Riyadh, Bandar Alkhorayef, Saudi Arabia’s minister of industry and mineral resources, held a bilateral meeting with the First Deputy Prime Minister of Tajikistan, Hakim Khalikzoda, and discussed ways to enhance cooperation in the mining and industrial sectors.
Alkhorayef also met with the Tunisian Minister of Economy and Planning, Samir Abdel Hafeez, and discussed ways to develop bilateral relations in the industrial sector between both nations.
Earlier this month, the Kingdom and Tunisia signed an MoU to strengthen bilateral cooperation and promote direct investments between the two nations.
The deal, which was inked by Saudi Arabia’s Minister of Investment Khalid Al-Falih and Tunisia’s Minister of Economy and Planning, focuses on sharing regulations and laws to enhance the investment environment in both countries.
The agreement between Tunisia and Saudi Arabia is seen as a crucial step in deepening the economic and industrial ties between both nations as they seek to diversify their economies and create new growth opportunities through strategic partnerships.
A report released by Saudi Arabia’s General Authority for Statistics in November revealed that the country’s non-oil exports reached SR79.48 billion ($21.16 billion) in the third quarter of this year, representing a rise of 16.76 percent compared to the same period in 2023.
